Orsted Signs New EUR 2B Sustainability-Linked Revolving Credit Facility

Source: www.gulfoilandgas.com 10/11/2021, Location: Europe

Orsted has today signed a EUR 2.0 billion 5-year sustainability-linked syndicated revolving credit facility with two 1-year extension options. The facility is for general corporate purposes and replaces Orsted’s existing, undrawn EUR 1.4 billion syndicated revolving credit facility entered into in December 2015.

To help drive the efforts to meet Orsted’s ambitious sustainability targets, the facility’s interest margin will be adjusted (up or down) based on Orsted’s ability to meet two pre-defined strategic sustainability targets on an annual basis.

The first target is Orsted’s science-based target of reducing the carbon emissions from its energy generation and operations (scopes 1-2) to 10 g CO2e/kWh by 2025, which is the main lever for achieving carbon neutrality in 2025, and which is aligned with a 1.5 °C climate scenario.

The second target is Orsted’s taxonomy-aligned green investments linked to its announced approx. DKK 350 billion investment programme for 2020-2027, which constitute a significant step in achieving Orsted’s strategic ambition of reaching approx. 50 GW of installed renewable capacity by 2030. To meet the associated reporting requirement, Orsted will commence reporting according to the new EU taxonomy, which has been created for the purpose of supporting the green transition.

Marianne Wiinholt, CFO in Orsted, says:
“At Orsted, we’re very committed to contributing to driving the green transition. We’ve been issuing senior bonds and hybrid capital in green format since 2017, and we now embrace the opportunity to take the natural step together with our banks to incorporate our green ambitions as sustainability-linked performance targets into our banking facilities.”

Nordea has acted as sole Coordinating Mandated Lead Arranger and Bookrunner, Documentation Agent and Sustainability Coordinator of the facility, which is also supported by the following select group of banks committing as Mandated Lead Arrangers and Bookrunners: Bank of America, Barclays Bank PLC, BNP Paribas, Citibank N.A., Jersey Branch, Rabobank, Crédit Agricole Corporate and Investment Bank, Danske Bank, Deutsche Bank, Goldman Sachs, Handelsbanken, HSBC, J.P. Morgan AG, Morgan Stanley, MUFG, National Westminster Bank Plc, and SEB, and with Nordea also acting as Agent.


Norway >>  12/2/2021 - Carl K. Arnet, a member of the Board of Directors of BW Offshore Limited, has today transferred his 1,310,000 shares in BW Offshore Limited to an ins...
United States >>  12/2/2021 - Chesapeake Energy Corporation (CHK) announced that its Board of Directors has authorized the repurchase of up to $1 billion in aggregate value of its ...

Nigeria >>  12/1/2021 - San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, provides the following update regarding the ...
Norway >>  12/1/2021 - Reference is made to Aker's announcement on 13 September 2021 and the announcement as of today by Octopus Bidco AS (the "Bidder"), a company indirec...

United States >>  12/1/2021 - - Continued discipline with capital at low end of 2022-2025 guidance
- Raises share buyback guidance range to $3 to $5 billion per year

...

Botswana >>  11/30/2021 - Tlou Energy is a power generation company developing clean energy solutions for Botswana and the sub-Saharan region. The Company has signed a Converti...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.